Bitcoin Institutional Holdings Hit 31%
Bitcoin Institutional Holdings Reach 31% of Total Supply
A new report from Gemini and Glassnode reveals that institutional investors now hold a significant 30.9% of Bitcoin's circulating supply—a total of 6.1 million BTC, currently valued at approximately $668 billion. This represents a massive 924% increase over the past decade.
This surge in institutional ownership encompasses various entities, including governments, exchange-traded funds (ETFs), and public companies. The research suggests these entities view Bitcoin as a strategic store of value, given its price appreciation from under $1,000 to over $100,000 during the same period.
Centralized Exchanges and Concentration of Holdings
While centralized exchanges hold a substantial portion of these institutional holdings (approximately half), it's important to note that much of this Bitcoin may belong to individual customers and retail investors. The report also highlights a significant concentration of holdings, with the top three entities in each institutional category controlling 65% to 90% of total holdings. This concentration is particularly pronounced in DeFi, public companies, ETFs, and funds, suggesting early adopters continue to significantly influence the market structure. Private company holdings, however, appear more distributed.
Earlier this month, it was reported that 61 publicly listed companies alone hold over 3% of the total Bitcoin supply.
Sovereign Treasuries: Dormant but Powerful
The research also analyzed sovereign treasury wallets, noting their infrequent transactions and lack of correlation with Bitcoin's price cycles. However, these holdings are substantial enough to significantly impact markets if ever moved or sold. The report mentions the US, China, Germany, and the UK as examples, where much of the BTC acquisition is through legal enforcement rather than market purchases.
A Shift Towards Institutional Maturity
The report concludes that with nearly a third of Bitcoin's circulating supply now held by centralized entities, the market has undergone a significant transformation towards institutional maturity. While Bitcoin remains a risk-on asset, its increasing integration into traditional finance suggests price movements are becoming more reliable and less susceptible to extreme speculation.
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